Syngenta and HSBC engage in a completely paperless shipment transaction. Let’s check out the details of the transaction and its implications for the trade finance world.
The world of trade finances saw a new record today as the first entirely paperless transaction occurred between Syngenta and HSBC. The transaction refers to a digital bill of lending processed by A.P.Moller-Maersk and IBM’s company, TradeLens. They used blockchain technology to complete a letter of credit between the two companies mentioned above.
Maersk issued a notice that elaborated that the paperless process was regarding agrochemical products from South Korea to Bangladesh. It further added that this transaction is an important event in the global trade ecosystem. It will lead to better supply chain efficiency and trade finance modernization.
During this entire transaction, the TradeLens platform shared all related important documents like bank collection documents, analysis and origin certificates, and the commercial invoice between the two companies. In addition, they also delivered an entirely digital bill of lending from Sealand, a Maesrk company, the ocean carrier.
Read more: https://www.emeriobanque.com/news/syngenta-and-hsbc-complete-paperless-trade-finance-transaction-tradelens-platform
